Introduction to Business and Marketing Understanding Marketing http://www.youtube.com/watch?v=xBIVlM435Zg&saf ety_mode=true&persist_safety_mode=1&safe=active

What is Marketing? On a piece of paper write down what you think Marketing is? Let’s discuss what you think …

What is Marketing? Marketing is the process of developing, promoting, and distributing goods and services to meet customer wants and needs.

Need v. Want

Needs NEEDS- something that is essential; that you must have Example: Water List 5 needs

Wants WANTS- something that you desire Example: Soda List 5 wants

Goods and Services purchased by customers PRODUCTS Goods and Services purchased by customers

GOODS Goods are tangible: You can touch them List 5 goods

Services are intangible: You cannot touch them! List 5 services Accounting Services Sports Agent

EXCHANGE Exchange takes place every time something is sold in the marketplace. Marketing helps connect businesses to their customers We experience marketing principles everyday in our lives

Turn in Activity for Class Grade Checkpoint Activity How do you experience marketing in your life? What kinds of marketing experiences do you encounter just through your daily routine? On a piece of paper, write down your daily routine. Use a timeline! Think about how each activity that you do, relates to marketing: Needs VS Wants Goods VS Services Exchanges Turn in Activity for Class Grade

Example Time Activity Want v. Need Good v. Service Exchange?? 6:00 AM Wake-up to Alarm Clock Used a Good (alarm clock) that I purchased to wake me up 6:15 AM-6:30 AM Drink Coffee and watch the news Coffee is a “want”- could exist without it, but it wouldn’t be pleasant Used Keurig Single Service coffee maker Purchased coffee at grocery store to have each morning

Time Activity Want v. Need Good v. Service Exchange?? 6:00 AM Wake-up to Alarm Clock Used a Good (alarm clock) that I purchased to wake me up 6:15 AM-6:30 AM Drink Coffee and watch the news Coffee is a “want”- could exist without it, but it wouldn’t be pleasant Used Keurig Single Service coffee maker Purchased coffee at grocery store to have each morning 6:00 am - wake up 6:30 am – watch news/eat breakfast 7:00 am – leave house for school 7:45 am – arrive at school 9:00 am – school starts 12:15 pm – eat lunch 4:00 pm – leave school 5:30 pm – eat dinner 6:00 pm – watch news 9:00 pm – go to bed

Up Next: The Marketing Functions Marketing Functions: All activities that allow companies to bring products to the market for exchange Pricing Selling Distributing Promoting Product/service management Marketing information management